Bengaluru’s First Gold Bar Challenge By MMTC-PAMP

* The Gold Bar Challenge in captivated gold enthusiasts as they competed to remove a 5.7kg gold bar from a glass enclosure, showcasing their skills and aiming for the coveted prize. 

* Twelve winners were rewarded with MMTC-PAMP’s prestigious Banyan Tree 10 gm silver bar.  

MMTC-PAMP, India's only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery, hosted the exciting Gold Bar Challenge at their MMTC-PAMP’s exclusive store a.k.a PVC (Purity Verification Centre) in Bengaluru. The event took place on Wednesday, Aug 23rd, at Ambedkar Veedhi, Bengaluru, Karnataka.  

MMTC-PAMP hosted the Gold Bar Challenge, an open event at their exclusive outlet, offering participants the chance to retrieve a 5.7-kilogram gold bar from a glass enclosure within the designated time limit. The event aimed to provide gold enthusiasts with an exciting opportunity to demonstrate their skills and win a coveted prize. Twelve winners, who completed the activity, received MMTC-PAMP's Banyan Tree 999.9 purity 10 gm silver bar, symbolizing longevity and fulfilment, featuring India's national tree. Safety and fairness were ensured by following rules and regulations throughout the event. 

Speaking about the event, Mr. Vikas Singh, Managing Director and CEO of MMTC-PAMP said, "MMTC-PAMP stores are destination stores which serve unique and distinctively crafted products in purest gold and silver. We’ve now taken this a step further by adding fun and excitement for our customers by providing them with a new distinctive and engaging experience, with our Gold Bar Challenge event. It is a testament to our commitment to add moments of joy for our customers who have always trusted us for their Gold & Silver needs. Our focus on offering cutting-edge products and unique experiences underscore our commitment to enhance customer engagement and satisfaction in a unique and fun manner. By fostering a healthy spirit of competition, we aim to build stronger connection with our customers and create a truly memorable experience for them." 

The success of the Gold Bar Challenge in Ghaziabad, Noida, Chennai, Hyderabad and now Bengaluru has paved the way for MMTC-PAMP to expand this unique event to other cities. Mr Vikas Singh added, "The gold bar challenge is a unique event that has rarely been witnessed in the Indian market and we are happy to announce that we will be bringing this event to the cities of Pune and Chandigarh as well in future" 

MMTC-PAMP, known for its commitment to providing high-quality, culturally diverse products to consumers, hosted this event at its one-stop-shop for any gold & silver needs. To ensure the product’s authenticity, each MMTC-PAMP product carries a unique number and comes packaged in a certified signed by an Assayer. Each gold and silver product bought from MMTC-PAMP offers a positive weight & purity balance, which guarantees that every coin or bar you buy weighs more than the listed weight, ensuring customers get the highest value for their investment. 

All products come with MMTC-PAMP’s stamp of authenticity and deliver on the promise of 999.9+ purity and are crafted to the highest standards using the latest Swiss technology. There is a wide variety of purest gold and silver products to choose from this season and one can purchase them from MMTC-PAMP’s exclusive stores, leading jeweller partners, online marketplaces like Amazon and Flipkart or directly from MMTC-PAMP’s website, shop.mmtcpamp.com. 

About MMTC PAMP: A joint venture between Switzerland-based bullion refinery, PAMP SA, and MMTC Ltd, a Miniratna and Government of India Undertaking. MMTC-PAMP is the only LBMA-accredited gold & silver good delivery refiner in India and is accepted across global commodity exchanges and central banks. The company seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry. MMTC-PAMP has received several awards since its inception from local and global industry bodies for transparency and sustainability that it rigorously upholds in its sourcing, refining, and supply of precious metals in the Indian market. 

Glenmark and IADVL Release Special Cover in collaboration with Indian Postal Service Supporting Vitiligo Patients in India

* Glenmark Pharmaceuticals Partnered With IADVL To Release A Special Postal Stamp In Support Of Vitiligo Patients

* Initiative aims to raise awareness and combat stigma associated with the skin pigmentation disorder

* Winning artwork from a painting competition is featured on the commemorative postal stamp

 Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led, integrated, global pharmaceutical company, has joined forces with The Indian Association of Dermatologists, Venereologists, and Leprologists (IADVL) to unveil a special commemorative postal stamp aimed at raising awareness and support for individuals living with vitiligo, a skin disorder that affects pigmentation.

Vitiligo, a condition characterized by the loss of skin pigmentation due to the malfunction or destruction of melanin-producing cells, impacts not only physical appearance but also psychological well-being. Despite its prevalence and impact, vitiligo often remains misunderstood, leading to societal stigmatization and prejudice. India is home to the highest rate of vitiligo cases globally, with one in ten individuals being affected by the condition.

In an effort to combat misinformation and promote acceptance, Glenmark Pharmaceuticals and IADVL conducted a unique painting competition named "Power of Paint and Brush" on World Vitiligo Day, June 25, 2023. The competition aimed to spotlight the significance of awareness, understanding, and treatment for vitiligo patients. Dermatologists from across the country participated, submitting over 100 entries that creatively portrayed the journey of patients with vitiligo and advocated for the importance of embracing diversity.

Dr. Naushin Ara from Jaipur SMS Medical College crafted the winning painting, titled “Colour of Thoughts.” The winning artwork has been transformed into a captivating commemorative postal stamp that will serve as a constant reminder of the significance of empathy, acceptance, and respect for those affected by vitiligo.

Alok Malik, President and Business Head, India Formulations, Glenmark Pharmaceuticals Ltd. said, "This initiative echoes Glenmark's core commitment to inclusivity and positive influence. Beyond medicines, we believe in shaping a better society through collaborations that enhance medical education and well-being. This collaboration underscores our steadfast dedication to fostering empathy and harmony, reaffirming our pledge to create a meaningful difference in people's lives."

IADVL spokesperson XX said, "We believe in the power of collective efforts to create awareness and acceptance. This commemorative stamp is a small but impactful step towards supporting vitiligo patients and promoting a more inclusive society."

"As partners in delivering meaningful messages, we are proud to contribute to this event that fosters awareness and compassion. This commemorative stamp carries the spirit of unity and education for vitiligo support, reflecting our dedication to impactful initiatives," said xx from Indian Postal Services.

A panel of judges, including Mr. Uday Parker, a Gold Medalist from JJ School of Arts, and key representatives from IADVL, meticulously reviewed the submissions to select the winning piece.

BMW Group India Announced The Appointment Of KUN Exclusive As Its Dealer Partner For Bengaluru.

After successful operations in Bengaluru since 2007, Navnit Motors has transferred its business and operations in Bengaluru to KUN Exclusive in pursuit of strategically bolstering its operations in Mumbai. Seamless business continuity will be ensured for existing BMW and MINI customers with complete understanding of their needs as the existing Sales and Service locations remains the same and existing employees will continue to work under the BMW Group banner.

Mr. Vikram Pawah, President, BMW Group India said, “I would like to thank Navnit Motors for their valuable contribution and unwavering commitment to BMW and MINI customers in Bengaluru. We recognize their accomplishments and wish them great success for future. Bengaluru is an important market for BMW Group India, and we are committed to serve our customers with best-in-class service. We are excited to appoint our trusted partner KUN Exclusive as the dealer partner in Bengaluru. Their knowledge of current trends in the luxury industry, attention to needs of our esteemed clientele and curation of bespoke experiences will be instrumental in creating a complete customer centric engagement.” 

Mr. Sharad Kachalia, Dealer Principal, Navnit Motors said, “BMW holds a special place for Navnit Motors and our journey has been rewarding and continues to be a memorable one. As we align to newer and more focused strategic growth vectors, Navnit Motors will concentrate on further growing its business operations in Mumbai. We now pass the baton in Bengaluru into the safe hands of KUN Exclusive. We would like to thank our customers for their loyalty and assure a smooth transition to KUN Exclusive. We also thank BMW Group India for their continuous support and close collaboration during this phase. We look forward to setting higher benchmarks in providing world class services to our discerning customers in Mumbai.”

The Bengaluru dealership is headed by Ms. Vasanthi Bhupati, Dealer Principal, KUN Exclusive. KUN Exclusive also represents BMW Group India with sales and service facilities in Tamil Nadu (Chennai, Coimbatore, Madurai), Andhra Pradesh (Vijayawada, Vizag) and Telangana (Hyderabad).

Ms. Vasanthi Bhupati, Dealer Principal, KUN Exclusive said, “KUN Exclusive’s partnership with BMW Group India has flourished year on year and we are very proud of the growth we have achieved. With thriving business operations in Tamil Nadu, Andhra Pradesh and Telangana, establishing a new presence as the dealer partner in Karnataka is another step in building our legacy in the country. We thank BMW Group India for this opportunity and are excited to add another chapter of success to our story. We promise the same unparalleled services and luxurious experiences to BMW and MINI customers in Bengaluru they have always enjoyed and look forward to welcoming new ones to KUN Exclusive family.”

After the transfer of operations, KUN Exclusive will sell and service BMW, MINI and BMW Premium Selection vehicles as usual. 

Revolutionizing Agri-Food Dialogue: Zee 24 TAAS Set To Telecast Shetkari Parishad On August 26, 2023

Zee24 TAAS, Maharashtra's leading Marathi news channel, is set to captivate audiences with its most-awaited impactful Agri-Food Dialogue through the telecast of ‘Shetkari Parishad’ conclave, held in Pune. The telecast, scheduled for Saturday, August 26th, 2023, at 4 PM, promises to be a beacon of transformative dialogue and innovation in the fields of Agriculture and Food Processing.

With an unwavering commitment to fostering progress, Zee24 TAAS brought together leaders, experts, and stakeholders to discuss the key issues facing these critical industries. The Shetkari Parishad conclave not only highlighted the latest developments, opportunities, challenges, but also comprised of in-depth discussions focusing on the path forward for the agriculture and food processing sector.

The wide-spread viewers of Zee24 TAAS will be able to get a deeper understanding on the sector listening to the esteemed voices from various domains, including political leaders and industry experts. Among them, Shri Nana Patole, President of Maharashtra Pradesh Congress Committee, highlighted the need for enhanced budget provisions for agriculture, stating, "Even though India is known for agriculture, the budget provisions are sufficient enough and not planned in a strategized way.” Emphasizing on the importance of soil health, Shri Dhananjay Munde, Minister of Agriculture, Govt. of Maharashtra, also further stated, “Farmers need  to check the quality of soil that will eventually help them to determine the fertility for better harvest”

Speaking on the success of Shetkari Parishad, Nilesh Khare, Editor of Zee 24 TAAS, said, “The Shetkari Parishad is an agricultural renaissance that will echo in the annals of our history. It holds the power to shape a bright and progressive future for the agriculture industry. It is, in fact, a testament to our dedication to fostering impactful conversations that drive innovation and transformation within the sector.“

Abhay Ojha, CEO, Zee Media Corporation Limited, further added, “Our commitment to empowering the agriculture and food processing sector is resolute. The Shetkari Parishad serves as a cauldron of transformation, unifying the forward-thinkers, game-changers, and pathfinders who are scripting a new narrative for this critical sector."

Co-presented by  by Pitambari Nursery Franchise and Akkudas Trading, Shetkari Parishad’s  Tourism Partner was the Directorate of Tourism Maharashtra State, its Banking Partner was Buldhana Urban Cooperative Credit Society Ltd, its Associate Sponsors are Kanhaiya agro, Rajashree lottery, Quick start 24 Group, J.K.Hightek ops Ropvatika, Universal Biocon Pvt ltd, Vidharbha Irrigation system Pvt ltd, Dr.Bawaskar Technology(agro) pvt ltd and DYP Group, the Zee24 TAAS Shetkari Parishad has positioned itself as a catalyst for change in the agricultural landscape.

Zee Media Corporation Ltd, one of India's leading media companies, has a strong presence in the news and regional genres, with 16 news channels in seven different languages, reaching more than 528+ million viewers through its linear and digital properties.

Airtel Payments Bank, Frontier Markets And Mastercard Partner To Support 100,000 Women-Owned Small Businesses In India

* New initiative aims to unlock opportunities for women-owned small businesses by enabling access to tools, resources and networks

Airtel Payments Bank, Frontier Markets and the Mastercard Center for Inclusive Growth today announced the launch of She Leads Bharat:Udyam, an initiative to elevate 100,000 women-owned small businesses with resources, tools and opportunities to grow and diversify their incomes. The announcement was made at the Asia Inclusive Growth Forum, an event convening over 100 cross-sector leaders for candid, impact-driven dialogues on advancing inclusive growth in India and across the global south.

In this first phase, this initiative will enable 100,000 women-owned small businesses in Rajasthan and Uttar Pradesh to learn and earn via Frontier Markets’ proprietary, flexible Meri-Saheli platform. 10,000 of these women small business owners will be further enabled to grow their business by becoming Airtel Payments Bank Business Correspondents (BCs) and unlock additional revenue streams. This is aligned with the Bank’s vision of ‘Empowering India with Accessible and Inclusive Banking.’

“Taking our commitment forward to empower women in rural India to embark on their entrepreneurial endeavours, we are collaborating with Frontier Markets and Mastercard on She Leads Bharat:Udyam,” said Anubrata Biswas, MD&CEO, Airtel Payments Bank. “We take pride to welcome them on board as Business Correspondents, joining hands with our existing network of 50,000 women BCs who play a vital role in taking banking and financial services to underserved rural pockets of the country. We look forward to our journey in building a financially inclusive economy.”

The partners envision She Leads Bharat:Udyam helping to expand access to financial services, delivering a new blueprint for serving rural markets and extending women-owned small businesses with support tailored to their needs.

“More women entrepreneurs are coming into India’s workforce and adding energy to the economy. When these business owners can access credit and digital tools, they can keep expanding and become more resilient. That’s good for their families, employees and communities. That’s what inclusive growth is all about,” said Ari Sarker, President Asia Pacific, Mastercard.

Women-owned small businesses face challenges that can often prevent them from achieving their full potential. In India, women-owned micro, small and medium enterprises (MSMEs) constitute 20% of all MSMEs yet receive only 5% of the total financing provided by public-sector banks.[1] They are often less digitized[2] and receive less training to build their businesses[3]. However, when properly supported, women entrepreneurs are more likely to hire women, more likely to repay credit and more likely to share increased income with their families and communities, serving as core drivers of inclusive economic growth.

She Leads Bharat:Udyam is a first-of-its-kind initiative that brings together the private sector, social enterprise, and philanthropy in the banking, financial services, and insurance sector to demonstrate a digital-first model designed to unlock ways for women-owned small businesses to increase their incomes. Frontier Markets will implement the program and leverage its cadre of Saral Jeevan Sahelis—women entrepreneurs—to identify and onboard women-owned small businesses onto their Meri-Saheli platform. In partnership with Airtel Payments Bank, Frontier Markets will onboard eligible women-owned small businesses as business correspondents and leverage its Saheli network and platform to increase product and brand awareness and generate leads to maximize their earning opportunities. In addition, these women-owned small businesses will get access to a suite of tools, resources, and market services available in the Meri-Saheli ecosystem, offering them ways to learn how to run a successful business and earn more revenue.

“Frontier Markets has built a technology platform investing in the power of women as driving forces for commerce in rural India. Thanks to the leadership of Airtel Payments Bank and support from Mastercard, we can leverage our 10 years of efforts to reach a new level of scale, truly combining the best of global leaders' expertise and resources to support our efforts to deepen the impact that rural women have in building thriving rural markets in India,” said Ajaita Shah, Founder & CEO, Frontier Markets. “This partnership strengthens and enables social enterprises like us to thrive and implement our goals at scale.” 

She Leads Bharat:Udyam will be funded by the Mastercard Impact Fund, and Mastercard will bring the catalytic capital and global expertise of its Center for Inclusive Growth to unlock tools, resources, and networks for the women-owned small businesses.

Airtel Payments Bank’s ground force and Frontier Markets’ Sahelis are already working in the field to bring this partnership to life and identify the first tranche of women-owned small businesses eligible for the program.

ACME Group To Set Up A Green Hydrogen Project At Tata Steel SEZ’s Gopalpur Industrial Park

* Tata Steel SEZ and ACME Clean Energy sign an MOU for the project  

* The total investment in this project by ACME Group is estimated to be Rs 27,000 crore, which will be invested in phases 

* This will be the first green hydrogen project of the state and east coast of India 

* This will be the largest single location green hydrogen and its derivatives manufacturing facility in the country 

Tata Steel Special Economic Zone Limited (TSSEZL) and diversified renewable energy company ACME Group today signed a Memorandum of Understanding (MoU) here to establish a green hydrogen and green ammonia project at the Gopalpur Industrial Park in Odisha, making it the first ever green hydrogen project of the state and also east coast of India. This will be the largest single location green hydrogen and its derivatives manufacturing facility in the country.

Under the definitive agreement, ACME Clean Energy Private Limited (ACME Group) will acquire 343 acres of land in TSSEZL’s Gopalpur Industrial Park (GIP), located in Ganjam district of Odisha, to set up a green hydrogen and its derivatives unit. The total investment in this project by ACME Group is estimated to be Rs 27,000 crore, which will be invested in phases.

The MoU was signed between Manikanta Naik, Managing Director, TSSEZL, and Sandeep Kashyap, Chief Operating Officer, ACME Group, in the presence of Hemant Sharma, IAS, Principal Secretary, Industries Department, Government of Odisha and Chairman, Odisha Industrial Infrastructure Development Corporation (IDCO) & Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), and Kalyan Mohanty, Executive Director, IPICOL.

Hemant Sharma, IAS, Principal Secretary, Industries Department and Chairman, IDCO & IPICOL, Government of Odisha, said, " We envision Odisha as the hub of Green Hydrogen and Green Ammonia and a leader in the Green Fuel Economy. The state government is firmly committed to green energy, recognizing it as the fulcrum of our future. To catalyze this vision, we're offering best-in-class incentives. Our progressive policy is a testament to our dedication towards a sustainable and prosperous future.”

ACME Group plans to set up a nearly 1.3 MTPA green ammonia production facility at GIP. This green ammonia will be produced from green hydrogen, and the production facilities will be powered by renewable power.

The green ammonia produced at this facility will be exported to markets in the west and east from the existing Gopalpur Port facility, which is near the project site. The utility corridor between Gopalpur Industrial Park and Gopalpur Port provides a dedicated corridor for smooth logistics and pipeline connectivity.

Manikanta Naik, Managing Director, Tata Steel Special Economic Zone Limited, said, "We are glad that with plug-and-play infrastructure, multi-modal logistics connectivity, ready environmental clearance, and a clear land title, Gopalpur Industrial Park, in a very short span since its inception, is fast emerging as the preferred investment destination of India. We would also like to thank the government of Odisha for its industry-friendly policies and incentives that are attracting investments to the state of Odisha."

"We already have some valued clients operational in the industrial park and we are eagerly looking forward to a lot more investors coming forward, adding to the industrial progress of the region, "he added.

TSSEZL, a 100% subsidiary of Tata Steel, is developing its flagship industrial park, Gopalpur Industrial Park (GIP), in Odisha’s Ganjam district. The company aims to develop the GIP as an emerging manufacturing hub for both domestic and export-oriented industries.

Commenting on the MoU, Manoj K. Upadhyay, Founder and Chairman, ACME Group, said, “We would like to express our gratitude to the Chief Minister of Odisha, Shri Naveen Patnaik, the Department of Industries, the Government of Odisha, and other stakeholders for their support to ACME Group’s Green Hydrogen and Green Ammonia project in the state. We have signed MoU with Tata Steel Special Economic Zone Limited (TSSEZL) to set up the facilities. We also thank the Union Minister for Power, New and Renewable Energy, Shri R K Singh, and the Ministry of New and Renewable Energy for their constant support and encouragement to pursue the Green Hydrogen and Green Ammonia project, which will make India a global hub for Green Hydrogen and its derivatives.

This project will enable us to offer Make In India Green Hydrogen and Green Ammonia to domestic and international markets at a competitive price. We are delighted to announce the successful outcome of the recently held Invest Odisha Summit in Tokyo, led by the Hon’ble Chief Minister of Odisha and his delegation, which will be realized through this project. Japan’s IHI signed a preliminary agreement during the summit to invest in a green energy project in Odisha.”

There are five different industrial units already operating in Gopalpur Industrial Park including Tata Steel Mining Limited, Tata Consumer Products Limited, Anadrone Systems Private Limited, East Coast Overseas Private Limited, and Odimet Resources Private Limited.

Besides, a Technical Ammonium Nitrate Complex by Deepak Fertilisers & Petrochemicals Corporation Limited, and one L-CNG Conversion Unit by GAIL Gas Limited are being established in the park.

Union Bank of India Successfully Raised Rs 5,000 Crore Equity Capital Via Qualified Institutions Placement (QIP).

Highlights of the Issue 

Allotment of 57.77 crore shares at Rs 86.55 per share (including premium of Rs 76.55 per share) aggregating to Rs 5,000 crore (Five Thousand Crore).  

The QIP received encouraging response from the market & seen participation by diversified investor base which includes Banks, Asset Management Companies, Insurance companies and Foreign Institutional Investors.  

The QIP has been subscribed by 51 investors, mostly long-only investors, which include 13 FPIs & 38 DIIs. 

Considering financials for June 2023, amount of capital raised through QIP issue will augment Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio, each by about 84 basis points.  

Union Bank of India, 5th largest Public Sector Bank in India, has successfully raised equity capital of Rs 5000 Crore via Qualified Institutions Placement (QIP) on August 25, 2023.  The Issue was opened on August 22, 2023 and received 100% Subscription.  Bank has allotted 57.77 crore Shares at price of Rs 86.55 per share (including premium of Rs 76.55 per share) aggregating to Rs 5,000 crore representing a discount of 4.9945% to the floor price determined as per Regulatory guidelines.  

On the Successful capital raising, Ms. A Manimekhalai, MD & CEO, says “We are delighted to conclude one of the largest equity capital raising issue in public sector banking space in the recent past. This demonstrates the continued faith of investors on the Bank’s growth trajectory and prospects. Bank has received significant & encouraging response from the market & seen participation by diversified investor base which include Banks, Asset Management Companies, Insurance companies and Foreign Portfolio Investors. The QIP Proceeds will augment the Capital base and help us pursue growth opportunities as we endeavour to create value for the Customers & Shareholders”.  

The overall allocation is a mix of 13 FPIs & 38 DIIs, mostly long only investors, thereby also ensuring diversification of the shareholder base of Union Bank of India.  

As at June 30, 2023, Bank’s CRAR & CET1 was 15.95% & 12.34% respectively. Amount raised through this QIP issue will augment Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio, each by about 84 basis points.  

As on June 30, 2023, the Public shareholding in Union Bank of India stood at 16.51%. Consequent to the Equity capital raising, the public shareholding in the Bank increased to 23.01% and consequently, Shareholding of Government of India becomes 76.99%.  

IIFL Securities Ltd, J M Financial Ltd., Nuvama Wealth Management Limited (formerly Edelweiss Financial Services Ltd.), Yes Securities (India) Ltd., ICICI Securities Ltd. and BNP Paribas were the Merchant Bankers and Book Running Lead Managers (BRLMs) to the QIP issue. The Legal advisors of the transaction were M/s. Crawford Bayley & Co and M/s Saraf & Partners. The Statutory Auditors were M/s R G N Price & Co., M/s Sarda & Pareek LLP, M/s NBS & Co., M/s C R Sagdeo & Co, M/s PVAR & Associates, M/s Gopal Sharma & Co. 

About Union Bank of India: 

Union Bank of India, established in 1919, is one of the largest Public Sector Banks in India with total business of Rs 19.46 Trillion as on June 30, 2023. Union Bank of India has customer base of over 21.8 Crore and operates through 8,558 Domestic Branches, 3 International Branches, 10,195 ATMs and workforce of over 75,300 employees.  Union Bank of India has 9 Subsidiaries/JV/Associates across various Industries viz. Insurance, Banking, Asset Management, Inter alia.